A $3 billion master-planned community in Terrell has the green light from city officials.
Earlier this month, the Terrell City Council voted to approve rezoning for Terra Nova, a more than 1,500-acre development located near Farm to Market Road 245 and Griffith Road in Kaufman County.
The project from Plano-based Main Square Development will include 3,600 single-family homes, 1,200 apartments and 145 acres of parks and trails. Terra Nova will also include a 48-acre mixed-use district with up to 200,000 square feet of retail, restaurant and office space anchored by a central main square.
The single-family homes are priced from the mid $300s, and development will occur over 15 phases across two decades. The total estimated build-out value exceeds $3 billion, the developers said in a news release.
D-FW Real Estate News
Infrastructure and site development will begin immediately. Main Square Development plans to announce its homebuilder lineup in early 2026. The first model homes are expected to break ground in early 2027.
The project received rezoning approval despite opposition from some residents regarding the size of the development.
Terra Nova is located within a Public Improvement District and supported by a Tax Increment Reinvestment Zone. The development is expected to generate more than $80 million in annual property tax revenue at full buildout, excluding sales and other tax revenue streams, the developer said.
Main Square is working with Terrell ISD to identify locations for future elementary and middle schools. Six acres have been dedicated for new police and fire facilities.
Kaufman County’s estimated population is just shy of 198,000. It increased by 6% from July 2023 to July 2024, according to U.S. Census estimates.
Kaufman County was the second-fastest-growing in the nation among counties with more than 20,000 residents.
“Terra Nova represents a new chapter for Terrell,” Hugo Morales, president of Main Square Development, said in a statement. “We’re honored to partner with the city and community to create a place that brings quality housing, a focus on the outdoors and economic opportunity, while celebrating the values that make Terrell unique. We thank the City Council, staff and residents for their trust and collaboration in helping bring this vision to life.”
Historic Downtown Dallas building for sale
A historic downtown Dallas building is up for sale, and the asking price is around $12.5 million.
The Purse Building at 601 Elm St. has hit the market. The building totals about 65,000 square feet across multiple floors and is being marketed by Dallas-based real estate investment and development firm Wildcat Management.
The listing and building’s website touts multiple possibilities for the property — including headquarters, condos, hotel and mixed-use hospitality.
Built in 1905, the Purse Building was originally used as offices and warehouse space for the Parlin and Orendorff Implement Co., which sold agricultural equipment. For decades, the building housed Purse & Co. Wholesale Furniture.
The building is prized by preservationists for its cast-iron front facade and ornate brickwork, according to previous Dallas Morning News reporting.
Built in 1905, the 6-story Purse Building on Elm Street in downtown Dallas is for sale.
Contributed / Marcus & Millichap
New mixed-income development in Oak Cliff
Mintwood and MSquared have started work on Loma, their second Oak Cliff apartment development.
The two woman-owned real estate companies plan to bring 370 apartments at 909 E. Colorado Blvd. in Dallas.
Of those, 187 will be reserved for residents making between 50% to 80% area median income. In the Dallas area, 80% of area median income for a household of four is just shy of $94,000.
The firms broke ground on the project in early September, and the first residents are expected to move in the summer of 2027. The Dallas Public Facility Corporation is a partner on the project.
The project’s design team includes WDG Architecture and Swoon. The Studio is handling the property’s interiors and Site Solutions is handling the landscape.
“Not a lot of people are focused on putting housing in the Dallas core right now, and that’s something that is a focus of ours,” said Katy Slade, principal and founder of Mintwood Real Estate. “We’re putting our money and our focus [on] making sure that we have good quality housing here.”
New brokerage launches in Texas
TurboHome, a flat-fee real estate brokerage, has expanded to Texas.
The firm launched last October in California on the heels of the National Association of Realtors settlement that resolved multiple lawsuits with sellers who said the organization artificially inflated selling fees.
CEO Ben Bear compared his firm to the telehealth paradigm in the world of healthcare. The firm analyzes comparable sales, inspection reports and recommends properties to buyers.
On the listing side, TurboHome handles various tasks such as listing strategy, pricing, photos, open houses, marketing and negotiation.
TurboHome has a partner network of licensed real estate agents to show homes. The firm’s agents are salaried. Potential buyers get 10 private tours at no cost. TurboHome sees the most update among clients in the $400k and up price range, Bear said.
The firm is operating statewide including D-FW, Houston, Austin and San Antonio. Jake Shuler serves as the firm’s general manager for Texas. Since launching in Texas, TurboHome has completed 13 transactions with an additional 20 forecasted.
“We’ve built our system so our agents aren’t spending all day driving around, doing open houses and hosting tours,” Bear said. “They’re just really able to focus on providing the advice and the negotiation.”
What to know about the $7 billion Preston Harbor development
The project will double the size of Denison, the developers said.
Richardson-based RealPage taps former exec as CEO
Wakeham previously was the company’s president.